[Nikkei Stock Average and TOPIX (Table)]

Nikkei average; 38,309.22; -333.69.

TOPIX; 2696.77; -14.87.

Summary of the start of the afternoon session

In the afternoon, the Nikkei average started trading slightly lower from the previous closing price of 38,343.39 yen, opening at 38,309.22 yen, down 333.69 yen from the previous trading day. Meanwhile, the Nikkei 225 futures during the lunchtime session showed a somewhat range-bound movement. In the morning session, the Nikkei average initially dropped driven by selling pressure, but gradually reduced the decline, reaching a high of 38,548.30 yen at one point. However, the market sentiment turned lackluster again towards the close. Amid mixed movements in Asian stocks with some rising and some falling, the Nikkei average at the start of the afternoon session slightly widened its decline. With weakness persisting in major tech stocks, and a lack of significant catalysts, the afternoon session is expected to continue with a weak tone.

In the Tokyo Stock Exchange Prime Market, top losers include Mitsubishi Heavy Industries <7011>, DISCO <6146>, Lasertec <6920>, SoftBank Group <9984>, Toyo Electric <8035>, Fujikura <5803>, IHI <7013>, and Kawasaki Heavy Industries <7012>. On the other hand, top gainers consist of Mitsui O.S.K. Lines <9104>, Ryohin Keikaku <7453>, Mercari <4385>, etc. Pharmaceutical, machinery, and electric appliances were among the sectors with highest decline rates.